This study applies Taylor's (2000) proposed fiscal rule to EU-15 countries. We show that such a simple, flexible and transparent fiscal rule, if applied to individual EMU countries, could improve the enforceability of the Stability and Growth Pact. This rule is used to compute the structural...

The discussion around the adequateness of the Constitution to the current economic setting is still ongoing. To see where, this discussion will lead eventually, it is interesting to compare the Italian decentralization process with a similar process undertaken in Belgium. This contribution...